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major. >> reporter: scott, the first hard numbers from the white house to resolve the fiscal cliff crisis landed with a thud on capitol hill. congressional republicans called it an insulting joke. here's the big picture-- $4 trillion of deficit reduction over the next 10 years. it includes $1.6 trillion in higher taxes on households make manage more than $250,000. there's also $400 billion in cuts to entitlement programs, like medicaid and medicare, as well as others. there is also fresh new aending. $50 billion next year in stimulus spending, all for infrastructure. the white house calls this an opening bid. house republicans call it a rehash of old ideas and also object to the idea of a white house asking a permanent legislative remedy to raising the debt ceiling, all of it, the republicans say rather, is unacceptable. now much of this was conveyed in a 28-minute phone conversation yesterday between president obama and house speaker john boehner. both sides describe that conversation, scott, as direct and candid. those are words custom early reserved for diplomacy between sworn adversar
major. >> reporter: scott, the first hard numbers from the white house to resolve the fiscal cliff crisis landed with a thud on capitol hill. congressional republicans called it an insulting joke. here's the big picture-- $4 trillion of deficit reduction over the next 10 years. it includes $1.6 trillion in higher taxes on households make manage more than $250,000. there's also $400 billion in cuts to entitlement programs, like medicaid and medicare, as well as others. there is also fresh...
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cliff and democrats and republicans are still miles apart. we spoke with gop senator john cornyn about president obama's plans too tax hikes. talking about increasing taxes, letting the tax rate go up on people making over $250,000 a year. as i understand it, that's about $85 billion a year, funding the government for eight days. $85 billion is a lot of money, but if you look at government waste, even senator tom coburn has identified $20 billion in waste. has anybody thought about getting the revenue from waste, seeing just how much we really need? >> the problem has usually been if you rdise taxes, the spending cuts will come later, and they never seem to manifest. >> greta: but not even spending cuts. actually waste. >> well, yeah, waste and fraud and abuse are the famous three horsemen of cuts. but the fact is that many times they're harder to get to it would afternoon. i think tom coburn has done a great service by identifying a lot of duplication and waste in the government, including in the pentagon. i'm a defense hawk, but the pentago
cliff and democrats and republicans are still miles apart. we spoke with gop senator john cornyn about president obama's plans too tax hikes. talking about increasing taxes, letting the tax rate go up on people making over $250,000 a year. as i understand it, that's about $85 billion a year, funding the government for eight days. $85 billion is a lot of money, but if you look at government waste, even senator tom coburn has identified $20 billion in waste. has anybody thought about getting the...
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on the fiscal cliff. we're going to take to steny hoyer about what this means for talks from here. and he's defending susan rice and his fellow republicans hammer away at her. former presidential candidate ambassador jon huntsman is going to join us to explain all this. and the best part about this, abby huntsman, his daughter, is going to be on the panel. kind of like their first joint appearance. we're saying ever. we have to fact check that. but we're making history this morning. plus russell simmons bringing art to kids in urban areas. why he's so passion about this cause. and this is a picture everyone on the planet is talking about. the cop who warmed the hears of everyone who's seen this photo, he's going to join us. that and much more coming up on "starting point." it's like 15 minutes away. it's friday. what could be better? >> that is a sharpie, not a pen. thought i'd correct you. >> 44 minutes past the hour. people on the west coast bracing for the threat of flooding and mudslides. meteorologis
on the fiscal cliff. we're going to take to steny hoyer about what this means for talks from here. and he's defending susan rice and his fellow republicans hammer away at her. former presidential candidate ambassador jon huntsman is going to join us to explain all this. and the best part about this, abby huntsman, his daughter, is going to be on the panel. kind of like their first joint appearance. we're saying ever. we have to fact check that. but we're making history this morning. plus...
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. >>> teetering on the edge of the "fiscal cliff." why republicans are calling the president's new proposal a joke. >> it's been a favorite for foodies and tourists. the final decision on the fate of a bay area oyster farm. >> and keeping an "eye on the storm" here in the bay area. your getting a a live look right now at the golden gate bridge where the commute is rolling along. but there are some warnings, some wind warnings on the bridges. we have you covered all around the bay area weather-wise when we come back. [ laughter ] [ girl ] wow, you guys have it easy. i wish i had u-verse when i was your age. in my day, we didn't have these fancy wireless receivers. blah blah blah. if i had a sleepover, i couldn't just move the tv into the playroom. no. we had to watch movies in the den because that's where the tv outlet was. and if dad was snoring on the couch, we muscled through it. is she for real? your generation has it made. [ male announcer ] the wireless receiver only from at&t u-verse. get a free wireless receiver with a qualifyi
. >>> teetering on the edge of the "fiscal cliff." why republicans are calling the president's new proposal a joke. >> it's been a favorite for foodies and tourists. the final decision on the fate of a bay area oyster farm. >> and keeping an "eye on the storm" here in the bay area. your getting a a live look right now at the golden gate bridge where the commute is rolling along. but there are some warnings, some wind warnings on the bridges. we have you...
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. >>> the two sides don't seem to have made much process to avoid the fiscal cliff. nothing much seems to have changed. democrats want to raise taxes and republicans still want spending cuts. >> the president will not sign legislation that extends the tax cuts. >> time for the president, democrats, to tell the american people what spending cuts they are willing to make. >> each side accuses the other of not providing expects. >>> vice president joe biden went to costo. he bought a television and other items. he said he was there to demonstrate why it is important to raise taxes on the wealthy. >>> with the election behind them, president obama and mitt romney had lunch together tonight at the white house. cameras got a glimpse at mitt romney. the lunch was private. it lasted over an hour and the white house said the president did not have an agenda here. the president prompted to meet with mitt romney to discuss how they could work together. and the menu, the white house said white turkey chilly and southwestern grilled chicken salad. >>> fewer americans filed unempl
. >>> the two sides don't seem to have made much process to avoid the fiscal cliff. nothing much seems to have changed. democrats want to raise taxes and republicans still want spending cuts. >> the president will not sign legislation that extends the tax cuts. >> time for the president, democrats, to tell the american people what spending cuts they are willing to make. >> each side accuses the other of not providing expects. >>> vice president joe biden went...
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cliff and the future of the republican party on "in depth." the senator has written several books and reports. join us for senator tom coburn, live sunday at noon eastern on c-span2. "washington journal" continues. host: we are looking at various aspects at the so-called fiscal cliff. joining us for the discussion is steven sloan. he is with politico. could you define what a tax credit is and how that differs from a tax deduction? guest: credits and deductions are used to lower somebody's tax bill. if you have it $1,000 tax bill, -- basically a reduces taxable income, so it takes the taxable income off the top. if you have a $1,000 tax deduction, that is basically a to under $50 deduction -- $250 deduction. host: on their tax credits that specifically affect families? guest: some that have expired that are part of the fiscal cliff package. they get much less attention than the bush tax cuts. they are part of the packet of decisions that congress has to make. host: we can go into debt but to highlight four --th let's start with the child tax cr
cliff and the future of the republican party on "in depth." the senator has written several books and reports. join us for senator tom coburn, live sunday at noon eastern on c-span2. "washington journal" continues. host: we are looking at various aspects at the so-called fiscal cliff. joining us for the discussion is steven sloan. he is with politico. could you define what a tax credit is and how that differs from a tax deduction? guest: credits and deductions are used to...
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cliff. president obama appeared at a factory in pennsylvania making his case for raising taxes on top earners and accusing a handful of republicans of holding up a deal. if a deal is not reached by december 31, a $600 billion combination of tax increases and spending cuts goes into effect. let's get a check now on how the markets reacted to all of that news. our correspondence sent us this report from frankfurt. >> the dax climbed for about 2% this week, and share prices have been pushed mainly by the rescue package for greece, but at this last trading day of the week, trading has been quite low. the positive trend continued, although there has been some bad news coming in, like the record high unemployment rate in the euro area and the fact that u.s. consumers spend less money in october. nevertheless, the mood is fine. investors hope the fiscal cliff in the u.s.a. can be avoided. >> let's get a closer look at friday's trading. with all that uncertainty in washington, traders were playing i
cliff. president obama appeared at a factory in pennsylvania making his case for raising taxes on top earners and accusing a handful of republicans of holding up a deal. if a deal is not reached by december 31, a $600 billion combination of tax increases and spending cuts goes into effect. let's get a check now on how the markets reacted to all of that news. our correspondence sent us this report from frankfurt. >> the dax climbed for about 2% this week, and share prices have been pushed...
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the fiscal cliff. house speaker john boehner said there's been no progress in the last two weeks. and the u.n. general assembly voted to recognize palestine as a non-member observer state. the u.s. was one of only nine states voting no. and, you've heard the term "glacial pace"? not exactly, says one director who's scaled enough ice, to know better. hari sreenivasan has more. >> sreenivasan: filmmaker james balog spent years documenting dramatic changes in arctic glaciers. i talked with him about his documentary "chasing ice." that's our science thursday feature. on art beat, digital touchups and tricks are common in photography today. we talk to a curator at the metropolitan museum of art about an exhibit that explores the history of photo manipulation before photoshop. plus, on making sense, economics correspondent paul solman ponders government versus private spending. all that and more is on our website newshour.pbs.org. ray? >> brown: and again, to our >> suarez: and that's the "newshour" for toni
the fiscal cliff. house speaker john boehner said there's been no progress in the last two weeks. and the u.n. general assembly voted to recognize palestine as a non-member observer state. the u.s. was one of only nine states voting no. and, you've heard the term "glacial pace"? not exactly, says one director who's scaled enough ice, to know better. hari sreenivasan has more. >> sreenivasan: filmmaker james balog spent years documenting dramatic changes in arctic glaciers. i...
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proposal to avert the fiscal cliff. >> i don't know much about the government. is that a good sign if they make a proposal? >> when you do that to me, i know you're not taking me seriously, right? >> sometimes getting really stupid offers, also not polite. >>> plus, an update on the condition of the former president george h.w. bush. he had a health scare in houston yesterday. we're going to tell you how he's doing this morning. >>> but first let's get to the news live at 5:30 here at 30 rock in new york city. this morning, president obama departs to pennsylvania where he will continue his campaign sales pitch on how to solve the country's fiscal challenges. yesterday treasury secretary tim geithner met with republicans to unveil the white house's budget proposal which includes $1.6 trillion in new tax revenue over ten years as well as $50 billion in additional stimulus spending. with limited details on spending cuts, the gop's reaction, less than encouraging. senator mitch mcconnell reportedly burst into laughter while geithner was in the middle of outlining ob
proposal to avert the fiscal cliff. >> i don't know much about the government. is that a good sign if they make a proposal? >> when you do that to me, i know you're not taking me seriously, right? >> sometimes getting really stupid offers, also not polite. >>> plus, an update on the condition of the former president george h.w. bush. he had a health scare in houston yesterday. we're going to tell you how he's doing this morning. >>> but first let's get to the...
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the agenda beginning with the republican revolt against the president's fiscal cliff opera. it comes as president obama takes his message on the road with all of the angst and the anger in washington, is america about to go cliff diving? we'll ask senator barbara boxer. she joins me. >>> plus, those internal romney campaign polls that turned out to be so wrong. we're going to take you inside those numbers with on you power panel. >>> and a momentous day as the supreme court could take up doma and other cases of marriage equality. we are live there. >>> and the announcement everybody's been waiting for, one of the $387 million powerball winners is about to be revealed. y use temporary treatms when you can prevent the acid that's causing it with prevacid24hr. with one pill prevacid24hr works at the source to prevent the acid that causes frequent heartburn all day and all night. and with new prevacid24hr perks, you can earn rewards from dinner deals to music downloads for purchasing prevacid24hr. prevent acid all day and all night for 24 hours with prevacid24hr. now we need a l
the agenda beginning with the republican revolt against the president's fiscal cliff opera. it comes as president obama takes his message on the road with all of the angst and the anger in washington, is america about to go cliff diving? we'll ask senator barbara boxer. she joins me. >>> plus, those internal romney campaign polls that turned out to be so wrong. we're going to take you inside those numbers with on you power panel. >>> and a momentous day as the supreme court...
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how to avoid the fiscal cliff. the two sides traded charges of bad faith as year-end tax hikes and spending cuts moved another day closer. on the face of it there seemed to be little movement today. >> no substantive progress has been made in the talks between the white house and the house over the last two weeks. >> sreenivasan: treasury secretary timothy geithner and legislative chief rob nabors arrived at the capitol this morning, for meetings with congressional leaders. house speaker john boehner also spoke to president obama on the phone last night. he said he wanted to know where the administration would rein in spending, but that he had heard nothing new. >> i was hopeful we'd see a specific plan for cutting spending. we sought to find out today what the president is really willing to do. listen, i remain hopeful that productive conversations in the days ahead can be had but the white house has to get serious. >> sreenivasan: senate minority leader mitch mcconnell echoed that complaint. in a statement, he sa
how to avoid the fiscal cliff. the two sides traded charges of bad faith as year-end tax hikes and spending cuts moved another day closer. on the face of it there seemed to be little movement today. >> no substantive progress has been made in the talks between the white house and the house over the last two weeks. >> sreenivasan: treasury secretary timothy geithner and legislative chief rob nabors arrived at the capitol this morning, for meetings with congressional leaders. house...
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fiscal cliff. first we hear from house speaker john boehner after meeting with treasury secretary tim geithner. that is followed by house democratic leaders after their meeting. then, senate democrats explain what they're looking for in negotiations with republicans. friday on "washington journal," a congressional this story and gives a history of the filibuster rule in the senate and explains the changes senate leader harry reid is pursuing. then austin tell us less starting at 7:00 eastern on c-span. -- washington journal is live at 7:00 eastern on c-span. >> we had 2000 flag officers and generals. today we had one dozen flak officers and generals. the ratio is out of whack. it is not a captain, and a battle of. we look at where we can not only save the money, but we can transfer responsibilities at of the pentagon and consolidate programs and serious significant amount of money. >> this weekend you can talk about tom coburn above the fiscal cliff and the republican party in "in the." on c-span 2
fiscal cliff. first we hear from house speaker john boehner after meeting with treasury secretary tim geithner. that is followed by house democratic leaders after their meeting. then, senate democrats explain what they're looking for in negotiations with republicans. friday on "washington journal," a congressional this story and gives a history of the filibuster rule in the senate and explains the changes senate leader harry reid is pursuing. then austin tell us less starting at 7:00...
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so much for that brief burst of optimism in washington over the fiscal cliff talks. now republicans and democrats can't even agree on where things stand. >> no substantive progress has been made in the talks. >> and you know there is progress. >> treasury secretary tim geithner sat down with bipartisan congressional leaders to keep pushing for a deal. a top boehner aide said the plan geithner presented is, quote, completely unrealistic. and a top democratic aide said republicans have taken to screaming at them. if no action is taken by december 31st, 650 billion in cuts to the pentagon and domestic programs and tax increases automatically go into effect. after the meeting, the finger-pointing came quickly. republicans say democrats aren't bringing to the table a plan that include significant cuts to medicare and entitlement programs. >> revenue was only on the table. if they were serious. spending cuts. >> the white house drew its own line in the sand and said tax rates must go up on the top earners, but -- >> the middle-class tax cut should be made permanent. >> pre
so much for that brief burst of optimism in washington over the fiscal cliff talks. now republicans and democrats can't even agree on where things stand. >> no substantive progress has been made in the talks. >> and you know there is progress. >> treasury secretary tim geithner sat down with bipartisan congressional leaders to keep pushing for a deal. a top boehner aide said the plan geithner presented is, quote, completely unrealistic. and a top democratic aide said...
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are you willing to go over the fiscal cliff if republicans do not agree that that? >> i think if there is no agreement whatsoever, the president has probably no choice but to say, okay, we're going to go over the cliff. that would no be my first preference. my first preference is that as we get closer to the cliff, that we find an agreement that makes some sense, so we don't have to go over it. if we don't go over,'re entering very unchartered waters. who knows how the markets will react, what will happen -- i hope we don't have to go over. >> and it could hit almost every single american, which is why when people are watching this, they're so frustrated they can't do what the american people want them to do. so are you telling me that congress needs a deadline and likes to go up to the deadline, is it posturing? >> no, the world is run by deadlines, you know, it's human nature not to do when you know what you should until you get closer to that deadline. it would be better if we work right now, and we are working now, but deadlines help. >> we're all watching in th
are you willing to go over the fiscal cliff if republicans do not agree that that? >> i think if there is no agreement whatsoever, the president has probably no choice but to say, okay, we're going to go over the cliff. that would no be my first preference. my first preference is that as we get closer to the cliff, that we find an agreement that makes some sense, so we don't have to go over it. if we don't go over,'re entering very unchartered waters. who knows how the markets will react,...
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they might as well embrace the fiscal cliff. >> you heard peter difazio saying earlier in the program, democrat, go off the cliff, there is no cliff. no problem. >> folks on both sides. look, there's not a clip there and they're going to play chicken and go off. >> and then you're road kill at the bottom. >> that's exactly right. most folks are saying since the economy's improving, congress, don't screw it up and you get some folks on the far left and far right, there's no cliff, don't worry about this. we're after the election, this isn't an id logical debating society. this is about getting something done. let's work on a short-term deal. >> the deal that's there, we're in this situation because congress came up with what they're calling the fiscal cliff now and they're calling it the fiscal cliff because they don't want to e embrace either the tax increases or spending cuts and i think it's foolish to think this congress can come up with a better deal. >> you know what's interesting, to eric's point, there is a great irony in this that the democrats are saying we've got to raise ta
they might as well embrace the fiscal cliff. >> you heard peter difazio saying earlier in the program, democrat, go off the cliff, there is no cliff. no problem. >> folks on both sides. look, there's not a clip there and they're going to play chicken and go off. >> and then you're road kill at the bottom. >> that's exactly right. most folks are saying since the economy's improving, congress, don't screw it up and you get some folks on the far left and far right, there's...
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going over the fiscal cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> now, the white house thinks republicans have overdone the outrage today. they say the real problem republicans have is they don't want to raise taxes on the rich. so basically we are still deadlocked tonight, shep. >> shepard: vice president biden did his part for the economy today. he went shopping? >> yeah a new cosco here in washington, d.c. opened up today. big crowd in the parking lot. vice president's motorcade showed up. he actually bought a big screen tv as well as a apple pie. what could be more american than that. he went on to is a say he is feeling good and optimistic about a deal. take a listen. >> i am. i am. all these folks in this store, man, going to make a difference. >> more important than shopping trip will be what actually happens between the president and speaker boehner. we're told they had a phone call last night. initial report suggested it was tense. white house saying they made some progress. we
going over the fiscal cliff is serious business. and i'm here seriously trying to resolve it. and i would hope the white house would get serious as well. >> now, the white house thinks republicans have overdone the outrage today. they say the real problem republicans have is they don't want to raise taxes on the rich. so basically we are still deadlocked tonight, shep. >> shepard: vice president biden did his part for the economy today. he went shopping? >> yeah a new cosco...
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lawmakers are edging ever closer to that year-end fiscal cliff. today we'll get data on personal incomes and spending and manufacturing. the dow ended the day up 36 points to 13,021. the nasdaq up 20 to 3012. with one day left to go in november, the nasdaq and the s&p 500 are in the black for the month, but the dow is still in the red. >>> president obama today heads to pennsylvania to tour a toy factory outside philadelphia as he continues to push republicans to let the bush aera tax cuts expire for people who make more than $250,000 a year. tim geithner made the president's case yesterday meeting with the four congressional leaders on capitol hill. reports say the president's first salvo calls for tax increases, $50 billion in the infrastructure spending and the power to raise the debt ceiling without congressional approval. as you can imagine, guys, congress did not take very well to that, particularly on the republican side. but 31 days and counting here. >> here we go. >> the countdown is on. a lot of salty people on capitol hill. see if they
lawmakers are edging ever closer to that year-end fiscal cliff. today we'll get data on personal incomes and spending and manufacturing. the dow ended the day up 36 points to 13,021. the nasdaq up 20 to 3012. with one day left to go in november, the nasdaq and the s&p 500 are in the black for the month, but the dow is still in the red. >>> president obama today heads to pennsylvania to tour a toy factory outside philadelphia as he continues to push republicans to let the bush aera...
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. >>> now, the stalemate in washington over the fiscal cliff. everyone's taxes are set to go up in just over a month if congress and the white house fail to reach a deal. and the talks blew up yesterday, after republicans dismissed the latest offer from secretary tim geithner. just listen to house speaker john boehner and senate majority leader, harry reid. >> listen this is not a game. jobs are on the line. the american economy is on the line. and this is a moment for adult leadership. >> i don't understand his brain. so, you should ask him. okay? >> tough words there. abc's jon karl is covering this all from capitol hill. jon, as we said, senate republican leader mitch mcconnell says he laughed out loud at geithner's offer. break down the offer from the white house and the republican objections. >> reporter: not only did he laugh out loud, the speaker saying it's unrealistic. the key is $1.6 trillion in tax increases over the next ten years. $50 billion in additional stimulus spending. $400 billion in medicare cuts. but unspecified over the ne
. >>> now, the stalemate in washington over the fiscal cliff. everyone's taxes are set to go up in just over a month if congress and the white house fail to reach a deal. and the talks blew up yesterday, after republicans dismissed the latest offer from secretary tim geithner. just listen to house speaker john boehner and senate majority leader, harry reid. >> listen this is not a game. jobs are on the line. the american economy is on the line. and this is a moment for adult...
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going over the fiscal cliff is serious business. and i am here seriously trying to resolve it and i would hope that the white house would get serious as well. a congressional republican aide said the only changes in the entitlement come from the president's budget that was voted down by the u.s. senate 99-zero and zoro democrats supported it. the white house said it is the republicans and their refusal to ask higher income americans to pay higher rates. >> asking for a price to be paid for congress to do its job and insure that the united states of america does pay the bills is deeply irresponsible. it was deeply irresponsible in the summer of 2011 and deeply irresponsible if we were to see that kind of approach taken again. >> something new in the proposal. they want to continue to raise the debt limit on their own unless two-thirds of lawmakers say no. >> gretchen: do you remember on this program yesterday where we said this is not a deal. what is proposed is not a deal. a definition of deal, both sides give something, right. this
going over the fiscal cliff is serious business. and i am here seriously trying to resolve it and i would hope that the white house would get serious as well. a congressional republican aide said the only changes in the entitlement come from the president's budget that was voted down by the u.s. senate 99-zero and zoro democrats supported it. the white house said it is the republicans and their refusal to ask higher income americans to pay higher rates. >> asking for a price to be paid...